No LTCL from off market sale could be offset against capital gains if it was a colourable device to evade tax

ACIT Vs Vallabh Roopchand Bhansali (ITAT Mumbai) Conclusion: Long term capital loss (‘LTCL’) from off market sale of listed securities could not be offset against current and future capital gains, if it did not fall under the ambit of legitimate tax planning and was a colourable device to evade tax. Held: Assessee was an individual and had sources of income from investments in shares/mutual funds on the stock exchange for listed securities and also off market for unlisted securities. He got income from his remuneration as a director, income from capital gains, income from house property, a...